Question Papers For Board Examinations 2018

Class – XII

Subject – Financial Accounting

Subject :- Financial Accounting

Class : XII

Year : 2018

General Instructions :

(i) This question paper is divided into four sections.
(ii) Section I contains 15 Multiple Choice Questions carrying one mark each.You have to choose a correct option out of the given options and write the same in your answer-book. Answer any 13 questions from this section.
(iii) Section II contains 17 Short Answer Type Questions carrying two marks each. Answer any 15 of these questions.
(iv) Section III contains 11 Short Answer Type Questions carrying three marks each. Answer any 9 of these questions.
(v) Section IV contains 4 questions carrying five marks each. Answer any 2 of these questions.  

1.If there is no agreement, profit and loss is distributed among partners
(i) In capital ratio
(ii) In equal ratio
(iii) In the ratio of loan contributed by partners
(iv) In the ratio of partners’ drawings

2.A and B are partners in a partnership firm without any agreement. A has advanced a loan of < 2,00,000 to the firm. At the end of the year interest on A’s loan should be paid by the firm
(i) @ 5% per annum
(ii) @ 6% per annum
(iii) @ 5% per month
(iv) No interest

3.On the admission of a new partner, the future profits will be shared by all the partners of the firm
(i) In the old ratio
(ii) In the sacrificed ratio
(iii) In the new profit sharing ratio
(iv) None of the above

4.When a new partner brings his share of goodwill in cash, it is shared by the old partners
(i) In the old profit sharing ratio
(ii) In the sacrificed ratio
(iii) In the new profit sharing ratio
(iv) In the ratio of capitals

5.When a new partner is admitted, his share in the firm’s future profits will be
(i) Equal to the shares of the existing partners
(ii) Equal to the sacrifices of the existing partners
(iii) Equal to the capital contribution of all partners
(iv) None of the above

6.Amount received from the Joint Life Insurance on its maturity is distributed among the partners
(i) In capital ratio
(ii) In profit and loss sharing ratio
(iii) In equal ratio
(iv) Not on any of the above basis

7.On the death of a partner
(i) The firm is dissolved
(ii) The partnership is dissolved
(iii) Both the firm and partnership are dissolved
(iv) Neither of the above happens

8.A joint stock company is not
(i) A human being
(ii) An artificial person
(iii) A person created by law
(iv) A person having a perpetual succession

9.The minimum number of members required for a private company is
(i) Twenty-five
(ii) Fifty
(iii) Seven
(iv) Two

10.A shareholder receives from the company
(i) Commission
(ii) Interest
(iii) Dividend
(iv) Salary

11.Issue of shares at a price equal to its face value is called
(i) Issue at a loss
(ii) Issue at a profit
(iii) Issue at a discount
(iv) Issue at par 

12.The main objective(s) of analysis of a financial statement is/are
(i) To know the efficiency of management
(ii) To know the financial strength
(iii) To make a comparative study with other firms
(iv) All of the above

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Courtesy: CBSE